The bonus for bankers fragilizes the system. Someone has the upside at the expense of others.
Nassim Nicholas TalebFinancial institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks-when one fails, they all fall. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.
Nassim Nicholas TalebLife is a tightrope between two errors: generalizing the wrong particular and particularizing the wrong general.
Nassim Nicholas TalebThose who do not think that employment is systemic slavery are either blind or employed.
Nassim Nicholas Taleb